The price of gas and air transportation were the driving forces of inflation creeping up in Canada in March to 2.3 per cent from 2.2 per cent in February. Inflation in Victoria dipped two points last month to 1.9 per cent. File photo.
Although the cost of living went up slightly again in Canada last month, figures from Statistics Canada released Friday shows it went the opposite way in Victoria.
StatsCan says the inflation rate in Victoria dipped two basis points to 1.9 per cent in March, compared to 2.1 per cent in February.
Inflation in B.C. also came down by two points to 2.6 per cent in March.
Higher gas prices and air transportation helped inflation creep up to 2.3 per cent in the country.
It’s the highest year-over-year increase since the mark hit 2.4 per cent in October 2014 at the start of the oil-price slump.
Inflation was 2.2 per cent in February and 1.7 per cent in January.
StatsCan says the average of three Bank of Canada measures of core inflation, which eliminates higher cost items, was at two per cent.
Inflation is considered by the central bank when making a decision on interest rates.
Analysts say recent readings over two per cent shouldn’t have a major impact on rate decisions by the Bank of Canada because it is now expecting them.
The interest rate has gone up three times since last July, but the central bank has not moved it since January.
With files from the Candian Press.
Andy Neal
